HomeEconomyAmerican Exxon bought its...

American Exxon bought its shale competitor Pioneer for $60 billion

Image: Getty Images

The big deal will make Exxon Mobil the leader in shale oil in the United States.

Exxon Mobil has agreed to buy US rival Pioneer Natural Resources Exxon Mobil for about $60 billion, putting it on top of the biggest US oil field and giving it a decade of cheap production. This was reported by Reuters on Wednesday, October 11.

The deal would be Exxon’s biggest since its $81 billion purchase of Mobil Oil in 1998, years before the shale boom.

Exxon is buying Pioneer, which has made significant gains from the shale revolution to become the world’s largest oil producer in less than a decade. The deal will close in early 2024.

Exxon has emerged from a period marked by losses and big losses over the past two years by cutting costs, selling dozens of assets and benefiting from high energy prices caused by the raid. of Russia in Ukraine.

Last year, the company earned a record revenue of $56 billion. The company has set aside about $30 billion in cash in anticipation of the deals, analysts said.

Pioneer is the largest operator in the Permian Basin, accounting for 9% of total production, while Exxon is fifth with 6%.

The Permian is highly regarded in the US energy industry for its relatively low oil and gas production costs, with the lowest production costs averaging around $10.50 per barrel.

We remind you that the oil market reacted to the war with Israel. Oil prices rose nearly 3% amid attacks by Hamas militants in the country and geopolitical risks to fuel supplies.

China’s three oil and gas giants have declared global sponsors of the war
New Correspondent.net on Telegram and WhatsApp. Subscribe to our channels Athletistic and WhatsApp

Source: korrespondent

- A word from our sponsors -

Most Popular

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More from Author

- A word from our sponsors -

Read Now

Rosie hired is gaining a war against Ukraine in the new scheme – SAS

In Russia, a new scheme for sending mercenaries to the war against Ukraine was launched - through the system of a doorsture or volunteer corps. .in_text_content_22 {width: 300px; Height: 600px; } @Media (min-width: 600px) {.in_text_content_22 {width: 580px; Height: 400px; }} .Adsbygoogle {Touch-Action: Manipulation; } ...

Zelensky represented the “servants” a new composition of the Cabinet of Ministers (list)

There was a meeting of the “Servant of People” faction, which was attended by the President of Ukraine Volodymyr Zelenski, Presidential Head Andrie Yermak, Verkhovna Chairman Ruslan Stefanchuk and First Vice Speaker Alexander Kornienko. .in_text_content_22 {width: 300px; Height: 600px; } @Media (min-width: 600px) {.in_text_content_22...

Will make an insert and holds the country – part five years of the government

Former Prime Minister Denis Schmigal, who resigned today, on July 16, published a message in his telegram, in which for five years he thanked the Cabinet of Ministers to the Cabinet of Ministers. .in_text_content_22 {width: 300px; Height: 600px; } @Media (min-width: 600px) {.in_text_content_22 {width:...

The Council rushed to the faces for 60 years served in APU

During his meeting today, July 16, the Verkhovna Rada adopted as a whole bill No. 13229 on amendments to the Law on Military Service and Military Service under a military service contract under an agreement of persons who have reached the age of...

Izrail strikes the General Staff of the Syrian Army in Damascus (video)

Israel today, July 16, struck the General Staff of the Syrian army in Damascus. .in_text_content_22 {width: 300px; Height: 600px; } @Media (min-width: 600px) {.in_text_content_22 {width: 580px; Height: 400px; }} .Adsbygoogle {Touch-Action: Manipulation; } The Israeli defense army stated that it also...

Rawystye will get a job at the Kremlin churches in Zaporozhye – CNS

In the region of Zaporizhekhia, Russian invaders deploy a new phase of ideological expansion - the construction of temples under the control of the Russian Orthodox Church in the framework of the Berdsk Diocese. .in_text_content_22 {width: 300px; Height: 600px; } @Media (min-width: 600px) {.in_text_content_22...

The Council voted for imposing an SBU account for 10 of these. man

Rada Verkhovna supported an increase in the number of SBU employees by 10 thousand people. .in_text_content_22 {width: 300px; Height: 600px; } @Media (min-width: 600px) {.in_text_content_22 {width: 580px; Height: 400px; }} .Adsbygoogle {Touch-Action: Manipulation; } 311 MPS voted for the corresponding bill...

People’s Deputies organized a fight in Supreme Rada (video)

The collision in the Verkhovna Session Hall of Rada occurred on Wednesday, July 16. .in_text_content_22 {width: 300px; Height: 600px; } @Media (min-width: 600px) {.in_text_content_22 {width: 580px; Height: 400px; }} .Adsbygoogle {Touch-Action: Manipulation; } Deputies of people Alexei Goncharenko and Danilo Getmanthev...

Russian at night attacked a Polish factory in Winnitsia – Varshav Skogirov.

The Russian shelling of Vinnitsia also influenced the Polish plant on the night of July 16. .in_text_content_22 {width: 300px; Height: 600px; } @Media (min-width: 600px) {.in_text_content_22 {width: 580px; Height: 400px; }} .Adsbygoogle {Touch-Action: Manipulation; } Russian invaders were purposefully attacked by...

France and Italy were sent from the Trump project to buy

France will not join the supply of US weapons for Ukraine. .in_text_content_22 {width: 300px; Height: 600px; } @Media (min-width: 600px) {.in_text_content_22 {width: 580px; Height: 400px; }} .Adsbygoogle {Touch-Action: Manipulation; } Although the United States of America agreed with the allies from...

The best bond officials stole 22 million ATUR salaries of Zheleznorooshnikov (photo)

The UKRZALIZNYTSIA branch in the Winnitsia region was burned on multimillion -dollar scattering. .in_text_content_22 {width: 300px; Height: 600px; } @Media (min-width: 600px) {.in_text_content_22 {width: 580px; Height: 400px; }} .Adsbygoogle {Touch-Action: Manipulation; } The chapters were exposed to 22 million ATURs, which...

Actor with bushes ready -made new rose blows from Kharkov – SBU

The Russian agency was preparing new blows of the Russian army on Harkiva. .in_text_content_22 {width: 300px; Height: 600px; } @Media (min-width: 600px) {.in_text_content_22 {width: 580px; Height: 400px; }} .Adsbygoogle {Touch-Action: Manipulation; } The former actor of the local theater for children...